question of personal debt

I am a permanent resident of HK & living here for the last 10+ years.


Now., i do have a really worry issue of personal debt with credit card debt due to be away from work and depression due to a marriage issue.


Although i am on a permanent and good job for the last 2 years., my debt is still there like its 10 months of my monthly salary.


the bank get like 1/3 of my salary per month as dues and this is like 32% interest.


as I understand the bank will allow me to have a solution if i pay 1/3 of the Total amount and then they will give me another 1/3 as loan which will have much better interest rate though it will take ages for me to get into that financial position.


on top of this., my office want me to travel to US headoffice for some training and wonder if i give my fiananical statement from the bank. they will resfuse???


This make me wonder what should i do and really depressed in my life.


pls. help me here with some advice...


Dan.

Hi Dan,


Remember it is only money....there is always a solution to your problems.


You need to draw up a good budget and stick to it and get yourself back on track.


10month salary in debt is not too bad, i hear of much worse.


Pay it off one month at a time.


It will take a while but the longer you leave it, the longer it will take!

office has nothing to do with personal debt. so should not affect them. immigration in the US does not normally require bank statements for short term work visits so should not be an issue.

get yourself sorted with this debt pronto, it is only going to get worse, and with it your mental state.

[UPDATE] Please note that fee quotes stated in historic postings may be out-of-date.


We suggest you speak with a lawyer with a view to negotiation of a debt payment arrangement with the bank at manageable interest rates and payment amounts....we have ahead a great deal of success in such matters; we would charge a concessionary HK$2,800 for such an all ranging interview.


Weir & Associates

Solicitors & Notaries

16th Floor Tak Shing House

Theatre Lane

20 Des Voeux Road Central

Central

Hong Kong

Tel : 2526-1767

Fax : 2868-3568

email : weirlaw@weirandassociates.com

www.weirandassociates.com